Goals Are More Than Good Intentions
Running a small business comes with big ambitions, but turning those ambitions into action takes more than hope.
Financial goals are at the heart of smart business decision-making. They shape your funding strategy, help you plan for growth, and ensure your business remains sustainable through tough times. But setting goals that actually stick? That’s where many entrepreneurs fall short.
Whether you’re self-funded, bootstrapped, or planning to take on business finance, this guide will help you set clear, practical goals that support long-term success.
1. Start with the SMART Approach
You’ve likely heard of SMART goals, but they’re more than a corporate buzzword; they’re a proven method to bring structure and clarity to your financial planning.
SMART stands for:
- Specific – Define exactly what you want to achieve.
- Measurable – Attach numbers or KPIs.
- Achievable – Aim high, but keep it realistic.
- Relevant – Make sure the goal supports your overall business direction.
- Time-bound – Set a clear deadline.
Example:
Instead of “Get more sales,” try:
“Grow online revenue by 20% by the end of Q3.”
This clarity helps when you’re applying for funding, too. Lenders appreciate SMEs with a defined plan as it shows responsibility and foresight.
2. Link Goals to Actionable Strategy
A goal without a plan is just a wish. For each goal you set, identify the tactical steps that will get you there.
Let’s say your goal is to increase revenue. Will you:
- Launch a new product line?
- Improve your online store’s conversion rate?
- Focus on retaining loyal customers?
Or maybe your goal is to reduce expenses. Will you:
- Reevaluate supplier contracts?
- Downscale underperforming areas?
- Automate routine admin tasks?
By connecting your goal to real actions, you also make it easier to decide whether you need funding and what kind of finance best supports your plan.
3. Break Big Goals into Bite-Sized Milestones
Big goals can feel overwhelming, especially for SME owners wearing multiple hats. The solution? Break them down.
Example:
If your yearly goal is to increase profit by 15%, set:
- Quarterly profit checkpoints
- Monthly actions (e.g., cost reviews, marketing campaigns)
- Weekly to-do’s (e.g., client check-ins, invoice follow-ups)
Not only does this keep momentum going, but it also creates moments to pause, reflect and adjust, key traits of resilient business leadership.
4. Track Progress Like Your Business Depends on It (Because It Does)
Setting goals is step one. Measuring them is step two (and where many SMEs falter).
You can’t improve what you don’t track. Whether it’s through accounting software, spreadsheets, or a simple dashboard, tracking keeps your team focused and helps you spot issues early.
Ask yourself:
- Are we on track?
- Do we need to shift priorities or resources?
- What’s working and what’s not?
This habit of review makes it easier to justify business funding as well. It shows potential lenders that you’re financially aware and operating with a strategy.
5. Bring Your Team Into the Picture
Goals aren’t just for business owners – they’re for the whole team. When your staff understands your goals, they can align their daily efforts to support them.
Whether it’s boosting customer service, driving more sales, or reducing turnaround times, clarity builds accountability. And accountability creates momentum.
Pro tip: Assign ownership of individual milestones across your team. When everyone knows what part they play, the whole business moves forward faster.
6. Stay Flexible, Not Flimsy
Markets shift. So do supply chains, customer habits, and operating costs. That’s why your goals should be anchored, but not rigid.
If a goal becomes unfeasible, revisit and revise. But don’t rewrite goals just because they’re hard; rewrite them only when they’re no longer useful.
Resilient SMEs don’t just set goals; they adapt their approach while staying committed to progress.
7. Why Setting Financial Goals Matters for SME Funding
At SASFA, we often remind small business owners: the right funding supports your goals, it doesn’t replace them.
When you set clear goals:
- You can apply for funding with confidence
- You’ll know how much you actually need
- You’re less likely to take on debt that doesn’t serve your business
- You become a more attractive client to responsible funders
SASFA Members commit to transparency and fair lending, so when you’ve got your goals in place, you’ll be met with finance partners who understand how to support them responsibly.
Final Word: Make It a Habit, Not a Hype
Goal-setting is not a once-a-year exercise. It’s a habit that drives consistent improvement.
✔ Set clear, SMART financial goals
✔ Link them to your business strategy
✔ Track your progress
✔ Involve your team
✔ Adjust when necessary
✔ Plan your funding around them, not the other way around
Your goals are your roadmap. Make sure the finance partner you choose helps you stay on track, not veer off course.
Want funding that aligns with your plan, not just your budget?
Choose a SASFA Member who aligns with your goals, communicates clearly, and supports your business every step of the way.
